I do a mix of both, however I tend to do more saving than spending, and it depends on my financial situation.
My plan basically followed Dave Ramsey's principals. I didn't have much debt, but what I had was an inconvenience for me, because the borrower is slave to the lender.
I have paid off all of my debt, which was about $500 on a credit card from a vacation. Other than that, I have zero debt but the mortgage. It's a freeing experience not being locked down by having to pay the bank instead of yourself.
Currently, with no debt I was able to fully fund our emergency fund, which is about 6 months worth of expenses, but I have added to it, we have about $15,000 saved in a separate account just for a rainy day.
In addition to this I have put money aside for myself, and after all of my expenses, my net take home per month is about $2,400. Thanks to heavy sacrifices, being debt free and smart with my money, has allowed me to spend, and give more without having a second thought about it. In 8 months, my plan is to have a check ready so I can surprise my wife and pay off her car.
So to answer, it really depends on my financial situation. Ask me five years ago and it would have been YOLO let's spend it, but now, I'd only spend if I can pay for it outright and not incur debt.